When you are in some serious shit and wading in it. Worse than knee deep, better than up to your neck. Also commonly used as "waist deep in shit."
Alternate use: The appropriate minimum height to pee discreetly when in a body of water.
He was waist deep and no amount of pleading would get him out of the chasity belt.
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When someone is in a deep conversation
I thought i got to the party early enough, but everyone was already waist deep in conversation when i got there.
Being balls deep inside an Asian pussy or her "fortune cookie".
"I finally went out with that Asian chick and by the end of the night, I was waist deep in fortune!"
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